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Tupperware Brands has filed for bankruptcy.
“Over the past several years, our financial condition has been significantly impacted by a challenging macroeconomic environment,” Tupperware's president and CEO said in a statement.
Food packaging giant Tupperware Brands said on Tuesday it had filed for Chapter 11 bankruptcy protection after announcing it would close its last U.S. factory to move production to Mexico.
“Tupperware will seek the Court's approval to continue operating during the period of litigation and will remain focused on providing its award-winning, innovative products to customers through Tupperware sales consultants, retail partners and online,” the company said in a press release.
Company executives added that they were also seeking court approval “to expedite the divestiture process while protecting our iconic brands and furthering Tupperware's transformation into a digital-first, technology-driven company.”
Tupperware Brands, which took the US by storm in the 1950s with its direct marketing methods that allowed housewives to sell products from their homes, has “between $500 million and $1 billion in assets ($7.4 million in cash)” and owes between $1 billion and $10 billion to more than 50,000 creditors, according to WJET/WFXP.
Below is a press release from the company.
Tupperware Brands Corporation (“Tupperware” or the “Company”) (NYSE: TUP), an iconic global brand, today announced that the Company and certain of its subsidiaries have voluntarily commenced Chapter 11 bankruptcy proceedings in the United States Bankruptcy Court for the District of Delaware (the “Court”).
Tupperware is seeking Court approval to continue operating during the legal proceedings and will remain focused on providing its award-winning, innovative products to customers through Tupperware's sales consultants, retail partners and online. Tupperware is also seeking Court approval to facilitate a sale of the business in order to protect its iconic brand and further Tupperware's transformation into a digital-first, technology-driven company.
After appointing a new leadership team over the last year, Tupperware has implemented a strategic plan to modernize its business, strengthen its omnichannel capabilities and drive growth through efficiencies. The company has made great progress and plans to continue this important transformation work.
“Whether you're a dedicated member of the Tupperware team, sell or cook with Tupperware products, or simply enjoy using Tupperware products, you're part of the Tupperware family, and throughout this process we intend to continue to provide our valued customers with the high-quality products they love and trust,” said Laurie Ann Goldman, president and CEO of Tupperware.
“Over the past few years, our financial condition has been significantly impacted by a challenging macroeconomic environment. As a result, we have considered a number of strategic options and determined that this is our best path forward. This process is intended to provide us with critical flexibility as we pursue strategic options that will enable us to transform into a digital-first, technology-driven company and better serve our stakeholders,” Goldman added.
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